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Loans that are 60 days or more past due are considered seriously delinquent.The Mortgage Bankers Association reported that the rate of seriously delinquentloans has an average of 9.1% (The Wall Street Journal, August 26, 2010). Let the rateof seriously delinquent loans follow a normal distribution with a standard deviationof 0.80%
.a. What is the probability that the proportion of seriously delinquent loans has a rate above 8%?
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